This paper seeks to explain the formation and change in trajectory followed by a territorial economy. It shows the value of the concepts of learning, specific assets, secondary assets, and routines to the question of the evolution of territories. In particular, it focuses on the institutional forms that contribute to the structuring of the context and to their role in the process of creation and renewal of productive resources. In particular, this analysis allows for a characterization of the influence of macro-institutions on the dynamics of innovation and on the degree of responsibility attributable to the economic policies implemented by governments. JEL codes: R11, R58, B52